Blythe Masters-Led FNZ Faces Employee Shares Dilution Suit (2)

Employee shareholders at FNZ Group Ltd. are suing the financial technology firm over allegations their holdings were unfairly diluted, in a case that risks ensnaring major global investors.

Kiwi CayLP, a trustee entity representing some current and former staff, filed a class action suit that alleges New Zealand-domiciled FNZ, which is now run by Wall Street veteran Blythe Masters, contravened local law during capital-raising rounds in 2024 and this year. Masters and 16 other existing and former directors are named as defendants.

FNZ issued preference shares — which rank higher than ordinary shares — and warrants to institutional investors ...